Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.


JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p>The past month has seen some developments in the lithium sector. There were some transactions announced and prospects of few IPO. Given the interest, we decided to revisit <a href="https://www.smartkarma.com/entities/26795" target="_blank" data-smartkarma-citation="entities:26795:1">Fengxin Ganfeng Lithium (FWNGXZ HK)</a> story. Our key points are </p><ol>
<li>We believe that the lithium markets are past its peak of the current cycle</li>
<li>Supply of lithium compounds are expected to exceed demand in 2019</li>
<li>We believe the global equity markets are facing serious headwinds due to trade wars and probability of a significant market correction either late this year or earlier next year cannot be ruled out.</li>
</ol><p>As a result, we believe that management has missed the bus on potential IPO by a few months. Unless the company prices the issue appropriate discount to entice investors in a falling market, we believe there would be opportunities in falling markets and avoid the IPO.</p>

The past month has seen some developments in the lithium sector. There were some transactions announced and prospects of few IPO. Given the interest, we decided to revisit Fengxin Ganfeng Lithium (FWNGXZ HK) story. Our key points are 
We believe that the lithium markets are past its peak of the current cycle
Supply of lithium compounds are expected to exceed demand in 2019
We believe the global equity markets are facing serious headwinds due to trade wars and probability of a significant market correction either late this year or earlier next year cannot be ruled out.
As a result, we believe that management has missed the bus on potential IPO by a few months. Unless the company prices the issue appropriate discount to entice investors in a falling market, we believe there would be opportunities in falling markets and avoid the IPO.

Ganfeng Lithium IPO: Catching a Falling Knife

Australia

Lithium Australia NL acquires, explores, and develops mineral properties. The Company produces battery-grade lithium carbonate from lithium micas. Lithium offers its services worldwide.

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Lithium Australia Nl (LIT AU)

JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing. In this note, we look at the deal dynamics and provide our...

Sumeet Singh

Ganfeng Lithium IPO: Catching a Falling Knife

The past month has seen some developments in the lithium sector. There were some transactions announced and prospects of few IPO. Given the...

Venkat Ramana Nandyal

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